A few years ago I gave a speech to an association of retailers. I was discussing marketing and different aspects of it. I casually mentioned that I'd thought that rich people were better clients than poor people, and moved on with my speech. During the question and answer portion a man doubted what I had said. He said the best payers in his business were those that didn’t have much money, as compared to those that were rich.
Instead of arguing with this participant I escaped a confrontation. This has prompted me to think about this for some time and this is the perfect opportunity to write about it.
Can any of you tell me why you would want to sell a high quality product to poor people? I am not saying you ignore the poor people. What I am saying is; ‘Wouldn’t it be true that rich people have more money to pay for a high quality product?’
While this anecdote may make me look a bit arrogant, I see it different. The person that questioned me is a living example of an industry that's done a lousy job of communicating the value of their products. The key question that every one of you should be answering is, "Why should your customers purchase your products or services?" Whether you are a one person army or multi-million dollar company this question needs to be answered. If an owner of a business or the employees don't understand the value of the products that you sell, neither will potential customers.
My point is simple, in order for your customers to pay the highest price for your product they have to understand the value of what you are offering. The key to effectively communicating your value is to justify it by showing and identifying to the prospects the unique value that your product or service provides.How does your company help your customers understand this unique value?
If this influencing only begins when they enter your business premises – you’ve already lost the battle. The marketing of your business needs to take place 7 days a week and 24 hours a day.
No comments:
Post a Comment